The total financial position of the Suez Canal Bank jumped to EGP 34.3bn at the end of September 2018, up by EGP 5.3bn in December 2017, growing by 13.3%, according to Hussein Refaey, chairperson and managing director of the bank.

Refaey said that this increase was supported by deposits growing by 14% to EGP 35.7bn in September, up from 31.3% in December, marking an increase of EGP 4.3bn.

He added that the bank succeeded in boosting its loans portfolio by 21.1% to score EGP 12.4bn in September against EGP 10.2bn in December, fuelled by syndicated loans’ hike by EGP 1.7bn to EP 4.8bn.

According to Refaey, the increase was realised in the second quarter (Q2) of this year, which reflected positively on the bank’s profits, shown through net revenue from return growing by 19% in Q3 compared to Q2.

Net income from fees and commissions increased by 42% to EGP 156.5m in September from EGP 110.3m in December.

“Suez Canal Bank achieved a net profit of EGP 330.7m between January and September against EGP 301m in the same period last year, up by 10%,” said Refaey.

He pointed out that the plan to restructure the portfolio of assets obtained by the bank to settle debts owed by its clients exceeded the plan, where the bank achieved major success in the past 18 months.

According to Refaey, the bank sold 12 assets worth EGP 293m based on a timely plan to dispose assets through selling or development in partners, to maximise benefit.

The bank developed a plan to recycle its portfolio of direct investments and maximise the return, and the bank already exited from two companies during the last 18 months, through which it made capital gains of EGP 32m. Dividends also grew by 196% in Q3 this year compared to the same period last year, he added.

“Suez Canal Bank plans to increase the number of its customers and increase awareness of the importance of financial inclusion through the issuance of smart banking products with competitive costs to attract more clients,” he said.

Refaey elaborated that the bank is preparing to launch an e-wallet to attract more clients, given its capabilities in paying bills and transfer funds. This is part of the bank’s plan to automate electronic payments and limit cash transactions.

He pointed out that the bank opened three new branches in 2018 to reach 41 branches, adding that the bank is expanding and developing existing branches, as well as spreading ATMs to achieve optimal geographical coverage.